Buying a Home

BYU Management SocietySt. Louis ChapterIncreasing Personal Freedom through Wise Money Management

July 11, 2014

Bryan Sudweeks, Ph.D., CFAFrom the BYU Marriott School of Management website onPersonal Finance at http://personalfinance.byu.net##Education Week 20131 Please pardon my long hair and beard. I do know that it is not BYU standards, but I get a break for 6 weeks as my family and I are on staff and participating in the Nauvoo pageant. I want to encourage each of you to come to Nauvoo some time before August 2 to see both the Nauvoo and the British pageants. You will not regret the decision. Sunday in Church the a teacher asked Why did you come to Nauvoo? It caused me to think about why we are there. The weather is hot, the humidity is stifling, the chiggers are everywhere, and the mosquitoes are huge. Why do we give 6 weeks of our vacation time to work 14 hour days 6 days a week in 95 degrees (on the cool days) and 98% humidity? That is a good question. I love our experiences in Nauvoo. We came, with 7 children ages 1 to 14 to participate in the City of Joseph pageant, stayed in a room without air conditioning, and, as my wife says, about died. But we made the decision that we could do it, and we toughed it out, and with the Lords help we made it. We came back another 5 times for the pageant, adding to our and our childrens faith and testimonies each time we came. I love the truth revealed in Nauvoo. It is considered the place where the gospel flowered and grew. In Nauvoo we received the completed temple endowment, further revelations on the priesthood, further information about the development of the Church, and further testing of church leaders. It was a period of growth, temple building, and the expanding of gospel truth, marred by poverty, persecution, apostasy, the death of the prophet and Hyrum, and the eventual driving out of the people from Nauvoo. I love the people in Nauvoo. Last week was an amazing rain storm. When we got back to the RV park, Steve Kempton, our next door neighbor, came out of his RV and said he was going to the Nauvoo State Park where he heard a family in the pageant was camping and may need help. We hopped into his Jeep Liberty and drove to the park, talking with people in tents, giving them our phone numbers, and telling them that if there are any problems, to give us a call and we would help them. While some thought us strange, only in Nauvoo would that happen, were people are concerned for their neighbors, regardless of who they are. I love the Spirit here. There is a Spirit that goes with this town, a place that cost the best blood of the nineteenth century, a place where men learned of God, and where God revealed to man the principle of eternal families. As I walk down Parley Street and read the excepts from the journals of those who left, I feel strongly their presence and their desire that I do better and be better, more committed to the gospel of Jesus Christ. I really dont know why I love Nauvoo so much, but I do. I dont think it is any one thing, but I do believe it is the bringing together of experiences, truth, people, and the Spirit. I have often wondered why the Saints would build a City Beautiful when they knew at some future time they would be relocating to the tops of the mountains as prophesied by Isaiah? But then I realized they were no just building a city--they building faith. And it is no different in 2014 as it was in 1845. I love Nauvoo so much because it is a place where faith is built and shared. Please come and join us this summer for the British and Nauvoo pageants and build and share your faith. It will be a time to remember.Who I AmMotto: Learn, Do, BecomePreviously managed $3bn in financial assets in emerging marketsTook a professional track position at the Marriott SchoolTeach asset management, modeling and valuation, international finance, and personal finance

2##Education Week 2013My name is Bryan Sudweeks. I am a professional teaching faculty at the Marriott School. They brought me in to help apply the theory of finance to real life. My teaching motto is: learn, do, become. Prior to coming to BYU, I spent 13 years as an asset manager investing in Emerging Markets. We managed $3bn in assets. I teach what I did and what I do. I teach the Fin409 Investment Modeling and Valuation class where students do research for outside asset management firms, just like real analysts. I teach the Fin415 Asset Management class, where undergraduate students manage $1.2mn in real assets, just like an asset management company. My wife and I just returned from 4 weeks in Asia where we taught the international investing internship program with professor Jim Seaberg where we took 16 students to Southeast Asia where we visited and analyzed international companies, and presented our findings back to Utah-based asset management companies on our return, just like international investors. And I teach the Fin418 personal finance class where we teach students how to manage their financial lives, just like each of you are doing now. In fact, I tell my students that if they will follow the principles and application that I teach, I will save them $1 million dollars over their lifetime. I can do some of the same for you.2Increasing Personal FreedomI met a Church leader from the PhilippinesHe is concerned because the Philippine Saints are losing their personal freedom through poor money management due toPoor spending habitsExcessive debt Lack of saving for missions and retirementLack on knowledge by Church leaders on what to teach membersWe have those same challenges here3##Education Week 2013 Recently I was Contacted by a Church leader from the Philippines. He is concerned that the Philippine saints are losing their personal freedom through poor money management. Because of their excessive spending, they have to work two jobs and often have to work on Sunday, limiting church attendance. Because they got too far into debt, it takes all their earnings to make the minimum payments, not leaving even enough to pay their tithing, losing the blessings of a temple recommend and temple attendance. Because they havent saved enough money, when they retire they cannot serve proselyting and temple missions because they have to work to support themselves in retirement, losing the privilege of serving as missionaries. And because Bishops and Stake Presidents are not immune to these challenges, they often dont know what and how to teach the Saints. He asked me what should we be teaching the church leaders and parents in the Philippines? That is my topic today.

3AbstractLeaders and parents should be learning, living and teaching the doctrines (whys), principles (whats), and applications (hows) of personal finance. This way they can help themselves, their families, their ward members and others become more free and to be better followers of Jesus Christ through managing their finances wisely. 4##Education Week 2013Here is what we will be talking about today.4ObjectivesA. Our perspectiveB. The whys (doctrines)C. The whats (principles)D. The hows (application)E. Ideas to learn it and live it Blessings for those who live it5##Education Week 20135A. Our PerspectiveWhat is perspective?Wikipedia.org defines perspective as ones point of view, the choice of a context for opinions, beliefs, and experiences (perspective, May 1, 2007). While points of view can be different, the historian Will Durant put it into clearer perspective. He wrote of the human need to seize the value and perspective of passing things. . . . we want to see things now as they will seem foreverin the light of eternity (The Story of Philosophy, New York: Simon and Schuster, 1927, p. 1).6##Education Week 2013The dictionary defines perspective as ones point of view, the choice of a context for opinions, beliefs, and experiences (In en.wikipedia.org/wiki/perspective, May 1, 2007). The historian Will Durant wrote of the human need to seize the value and perspective of passing things. . . . we want to see things now as they will seem foreverin the light of eternity (The Story of Philosophy, New York: Simon and Schuster, 1927, p. 1).6Perspective (continued)Our perspective is that personal finance is simply part of the gospel of Jesus ChristIt is putting Christ first in our hearts and livesIt is knowing the true value of things, not what the world is trying to sell youIt is using our resources carefully and wisely7##Education Week 2013It is putting Christ first in our hearts and livesBut seek ye first the kingdom of God and his righteousness, and all these things shall be added unto you (Matt. 6:33).It is knowing the true value of thingsnot what the world is trying to sell you . Seek not for riches, but for wisdom. . . Behold, he that hath eternal life is rich (D&C 6:7-8)It is using our resources wiselyWherefore do not spend money for that which is of no worth, nor your labor for that which cannot satisfy (2 Nephi 9:51).

7B. The Whys (Doctrines)Why does God want us to learn personal finance?The why questions are the really important questions in life--the questions of the heartIt is important that we view different perspectives as we seek to answer this question:SpiritualTemporalFamilyIndividual

8##Education Week 2013 I teach sometimes using the MECE principle, which stands for mutually exclusive and collectively exhaustive. It is a grouping principle used for separating a set of items into subsets. Our goal is to find the optimum arrangement of information and not double count at any level of the hierarchy. Taking four perspectives: spiritual, temporal, family and individual should give us a pretty good perspective on this topic. While not totally collectively exhaustive, I think it is a good start.

81. Spiritual: To bring us to ChristWhatever the problem may be in a persons lifefailure to pay tithing, breaking the Word of Wisdom, casual church attendance, [or I add - poor financial habits, the]real issue is faith in Jesus Christ. If we can help people obtain the gift of faith in Christ, good works will follow. The end purpose of any law of God is to bring us to Christ. And how well will the law work? It depends on what we think of the Author of the law (Elder C. Max Caldwell, What Think Ye of Christ?, Ensign, Feb 1984). Why (continued)9##Education Week 2013Lets take a spiritual perspective or point of view. What is the most important reason God would have for wanting us to learn personal finance? There are lots of reasons: teach us charity, give us opportunities to serve our brothers and sisters, help us be examples to our families, teach us to love one another. But what is the most important reason, the reason that includes all the other reasons?92. Temporal: to help us become wiser stewards over our resources and blessingsOur resources are a stewardship, not our possessions. I am confident that we will literally be called upon to make an accounting before God concerning how we have used them to bless lives and build the kingdom (Elder Joe J. Christensen, Greed, Selfishness, and Overindulgence, Ensign, May 1999).Why (continued)10##Education Week 2013 Lets take a temporal perspective. What is the most important temporal reason God wants us to learn personal finance? Possible reasons include: use our money wisely, help others, learn to give, or help us be examples to our families. But what is the most important reason, the reason that includes all the other reasons?103. Family: To help us return with our families back to Heavenly Fathers presenceIt helps us keep our priorities in orderPresident Harold B. Lee said, The most important work you will do will be within the walls of your own home (Teachings of Presidents of the Church: HaroldB. Lee [2000], 134).President David O. McKay stated: No other success can compensate for failure in the home (quoted from J.E.McCulloch, Home: The Savior of Civilization (1924), 42; in Conference Report, Apr. 1935, 116).Why (continued)11##Education Week 2013 Lets take a family perspective. Are you getting a sense of this type of analysis. What is the most important family reason God wants us to learn personal finance? Possible reasons include: teach our children, help others, or help us be examples to our families. But what is the most important reason, the reason that includes all the other reasons?

114. Individual: To help us learn and accomplish our divine missions for which were sent here to earthI bear testimony of the fact that if you keep the commandments, He nourishes you, strengthens you, and provides you means for accomplishing all things necessary to faithfully finish your divine mission here on earth. May the Lord bless you in your decisions at this important time in your lives (Elder Gene R. Cook, Trust in the Lord, Ensign, Mar. 1986).Why (continued)12##Education Week 2013 Finally, lets take an individual perspective. What is the most important individual reason God wants us to learn personal finance? Possible reasons include: use our money wisely, help others, learn to give, or help us be examples to others. But what is the most important reason, the reason that includes all the other reasons? You can see that this is not a simple analysis, but it is an important way of looking at things.

12C. The Whats (Principles)Elder Richard G. Scott commented:Joseph Smiths inspired statement, I teach them correct principles, and they govern themselves, still applies. The Lord uses that pattern with us. You will find correct principles in the teachings of the Savior, His prophets, and the scripturesespecially the Book of Mormon. . . Your consistent adherence to principle overcomes the alluring yet false life-styles that surround you. Your faithful compliance to correct principles will generate criticism and ridicule from others, yet the results are so eternally worthwhile that they warrant your every sacrifice (Richard G. Scott, The Power of Correct Principles, Ensign, May 1993, 32).

13##Education Week 2013I think we have a pretty good list of doctrines, the whys of personal finance. Now lets move on to the Whats or the principles. What are the principles that, if followed, would make the greatest difference in helping us accomplishing the whys of the gospel? Let me share a few thoughts. Again, the MECE principle is instructive.What are those principles that we must adhere to, whose results are so eternally worthwhile that they warrant our every sacrifice?Let me propose a few correct principles, that are the foundation upon which this perspective is basedI call these my Principles of Personal Finance although you wont find them in any textbook.

13Whats (continued)1. Ownership: Everything we have is the LordsThe Psalmist wrote:The earth is the Lords, and the fullness thereof; the world, and they that dwell therein (Psalms 24:1).The Lord is the creator of the earth (1 Nephi 17:36), the creator of worlds, men, and all things (D&C 93:10), the preserver of our life and then supplier of our breath (Mosiah 2:21), the giver of our knowledge (Moses 7:32) the grantor of our life (Mosiah 2:26), and the giver of all we have and are (Mosiah 2:21).

14##Education Week 2013Just a side note. Take away ownership, and what major sins does that eliminate? It is pride. Can you have pride in a neighbors car, a friends education, or anothers musical abilities? Pride is a major gateway sin, as so many sins begin with pridenot just having something but having something more or better than another.14Whats (continued)2. Stewardship: We are stewards over all that the Lord has, is, or will share with usThe Lord through the Prophet Joseph Smith stated: It is expedient that I, the Lord, should make every man accountable, as a steward over earthly blessings, which I have made and prepared for my creatures. (D&C 104:13)Thou shalt be diligent in preserving what thou hast, that thou mayest be a wise steward; for it is the free gift of the Lord thy God, and thou art his steward (D&C 136:27).

15##Education Week 2013So if we are not owners, then what are we? We are stewards, stewards over the blessings God has shared with us. And since we are stewards, what does that say we should do with the things we have shared with us.15Whats (continued)3. Agency: The gift of choice is mans most precious inheritancePresident David O. McKay wrote:Next to the bestowal of life itself, the right to direct that life is Gods greatest gift to man. Freedom of choice is more to be treasured than any possession earth can give (Conference Report, Apr. 1950, p. 32; italics added).

16##Education Week 2013Now what is necessary to exercise that stewardship, or what other requirement would we need? It is agency, the right to choose.16Whats (continued)4. Accountability: We are accountable for every choice we makeThe Lord stated:Verily I say, men should be anxiously engaged in a good cause, and do many things of their own free will, and bring to pass much righteousness. For the power is in them, wherein they are agents unto themselves. (D&C 58: 27-28)For it is required of the Lord, at the hand of every steward, to render an account of his stewardship, both in time and in eternity (D&C 72:3).

17##Education Week 2013Finally,and I stole this from the Young Womens program, what is the final principle that brings it all together?17Whats (continued)On the questions of what is really ours, Elder Neal A. Maxwell stated:The submission of ones will is really the only uniquely personal thing we have to place on Gods altar. The many other things we give, brothers and sisters, are actually the things He has already given or loaned to us. However, when you and I finally submit ourselves, by letting our individual wills be swallowed up in Gods will, then we are really giving something to Him! It is the only possession which is truly ours to give! (italics added, Swallowed Up in the Will of the Father, Ensign, Nov. 1995, 22).

18##Education Week 2013D. The Hows (Application)The final step is the hows of personal finance. hat are the things we have been counseled to doLet me just share a few of them from Church leaders and the scriptures19##Education Week 201319Hows (continued)1. Communicate Communication on financial matters is criticalKey areas of communication are:1. Personal and family goals What do you want to accomplish and what are you working toward?2. Key financial milestones:Emergency fund: 3-6 months incomeBudgets: Weekly, monthly and annualShort-term savings: vacations, autos, etc.Long-term savings: retirement, missions, and education

20##Education Week 2013I am reminded of the Lewis Carroll story of Alice in Wonderland. Alice came to a fork in the road, and asked the chesire cat, who stood at the crossroads, will you tell me please, which way I ought to go from here? The cat asked her that depends a good deal on where you want to get to? She responded I dont much care where. Then, said the cat, it doesnt much matter which way you go.20Hows (continued)Family finances are a shared responsibilityManagement of family finances should be full and equal, and mutual between a husband and a wife. Control of the money by one spouse as a source of power and authority causes inequality in a marriage and is inappropriate. Conversely, if a marriage partner voluntarily removes himself or herself from family financial management, that is an abdication of necessary responsibility (Elder Marvin J. Ashton, One for the Money, Intellectual Reserve, 2006, p. 3). ##Education Week 2013Contrary to many cultural or behavior norms, personal finance is not solely a male responsibility. It is a shared responsibility. I have six very bright and beautiful daughters, who I am sure, could manage their family finances without a problem. But they need to work with their spouses so they can together return to heavenly Fathers presence. 21Hows (continued)2. Pay the Lord FirstWhen we pay tithes and offerings we are only giving Him what is rightfully His (we get to keep 90%)Tithing is the law upon which financial blessings are predicated. Pay a full tithing and be generous with offerings, and the windows of heaven will be opened. Proveme now herewith, saith theLordof hosts, if I will notopenyou thewindows of heaven, and pour you out ablessing, thatthere shallnotbe roomenoughto receive it (Mal. 3:10).

22##Education Week 2013I give my testimony of the truthfulness of tithing. While the blessings are not necessarily financial (and in some cases they may be), I testify that the blessings are real and they are there.22Hows (continued)The Lord requires the heartHe requires the first 10%, not the lastPaying tithes and offerings first shows we put God first in our livesAnd when we obtain any blessing from God, it is by obedience to that law upon which it is predicated (D&C 130:21). ##Education Week 2013I remember very vividly getting to the end of my money in college, and forgetting to pay my tithing. And after paying my tithing having $2.18 left to my name and many days left till the end of the month. But I kept my promise to the Lord, and he kept His promise to me, and tithing has never been a problem ever since.23Hows (continued)3. Manage Your Money and Use a BudgetA budget is the single most important tool in helping families achieve their financial goalsIt is giving, as Dave Ramsey says, every dollar a name It is planning where your money goes, instead of wondering where your money goalsIt is the spiritual creation before the physical creation, planning before spending, and it teaches learning, choices, prioritization, and accountability24##Education Week 2013Hows (continued)President Spencer W. Kimball counseled:Every family should have a budget. Why, we would not think of going one day without a budget in this Church or our businesses. We have to know approximately what we may receive, and we certainly must know what we are going to spend. And one of the successes of the Church would have to be that the Brethren watch these things very carefully, and we do not spend that which we do not have (Spencer W. Kimball, April Conference, 1975, pp. 166-167). 25##Education Week 2013Hows (continued)4. Pay Off and Get Out of Consumer and (eventually) Mortgage DebtWe have been commanded to stay out of debt for only the past 6,000 years (ever since 2 Kings 4:7).Can the truth of God go forth boldly, nobly and independent by people who are in debt to others and cant control their spending?When we go into debt, we give others power over us The borrower isservantto the lender (Prov. 22:7).

26##Education Week 2013Hows (continued)President Ezra Taft Benson shared:The Lord desires his Saints to be free and independent in the critical days ahead. But no man is truly free who is in financial bondage (Ezra Taft Benson, Prepare Ye, Ensign, Jan. 1974, p. 69). ##Education Week 2013Hows (continued)5. Prepare for Emergencies and Build a ReserveThe principle is to be prepared, and covers both financial and temporal preparednessIf ye are prepared ye shall not fear (D&C 38:30)Financial preparedness should start with a cushion for rough times of roughly 3 to 6 months worth of living expenses be set aside in a liquid accountEmergency funds are for very specific purposeslost job, hospital or medical bills, major home or car repairs, or other unexpected events (which always happen)28##Education Week 2013Hows (continued)Temporal preparedness would include many different areas including:Appropriate food storageOther emergency essentials in case of needContinuing job training to keep job skills current to stay ahead of job needsIncreased learning in other skills to make to reduce cash expenses around the home ##Education Week 2013Hows (continued)6. Save for Long-term GoalsBegin saving now for long-term goals Home and educationIt is appropriate to borrow as necessary for education and home, but limit debt for both. A mortgage is the likely largest financial obligation you will take on, and it will be a burden on your shoulders until the day it is paid. Follow President Hinckleys advice to get a modest home and pay off the mortgage (Ensign, May 1998).

30##Education Week 2013Hows (continued)Other goals may include:RetirementUnderstand your options and use them wisely Save for retirementget the company matchLet time be your ally by starting earlyChildrens education and missionsIf you choose, begin saving for your childrens missions and educationSave for other long-term goalsStarting early beats starting late every time##Education Week 2013Hows (continued)7. Protect Yourself and Family Through Adequate InsuranceElder Marvin J. Ashton counseled:Appropriately involve yourself in an insurance program. It is most important to have sufficient medical, automobile, and homeowners insurance and an adequate life insurance program. Costs associated with illness, accident, and death may be so large that uninsured families can be financially burdened for many years (Marvin J. Ashton, Guide to Family Finance, Liahona, Apr. 2000, 42). 32##Education Week 2013Hows (continued)Key insurance types:Auto and homeowners insuranceBoth required by lawMake sure liability limits are sufficientLife insuranceHave sufficient to take care of your familyYou do not need the most expensive insuranceDisability and long-term care insuranceBe careful here and consider costs and benefits

##Education Week 2013Hows (continued)8. Teach your children and family these principlesTeach family members why we want to be financially responsibleHonest and integrity are part of the gospel planTeach the principles of personal finance early Emphasize hard work, frugality, and saving Involve them in creating personal budgets and in contributing to the family budget as well 34##Education Week 2013Hows (continued)Stress the importance of educationEducation is the key that unlocks the door to opportunityStress the importance of obtaining as much education as possible##Education Week 2013E. Ideas to Learn It and Live ItHow do to you learn to be wise financially?There are many sources of good informationIt just takes time to sort them outLet me add two other sources to your list:1. The LDS Provident Living Websitewww.providentliving.org, then Family Finances2. The BYU Marriott School of Managements Personal Finance websitehttp://personalfinance.byu.net36##Education Week 2013Learn It: LDS Provident Living Website

#Education Week 2013Learn It: Provident Living Website (continued)

##Education Week 2013Learn It: The MSM Personal Finance Websitewww.personalfinance.byu.edu

##Education Week 2013Learn It: The MSM Website (continued)

##Education Week 2013Learn It: The MSM Website (continued)

##Education Week 2013Ideas to Live ItFollowing are ideas to help live the gospel1. Understand doctrines Elder Packer said: True doctrine, understood, changes attitudes and behavior. The study of the doctrines of the gospel will improve behavior quicker than a study of behavior will improve behavior (Boyd K. Packer, Little Children, Ensign, Nov. 1986, 16). 42##Education Week 2013Live It (continued)Living wisely is simply part of the gospel of Jesus ChristThese are not just nice things to do, but are commandments of GodIt changes the perspectiveObeying is no longer a question of money, but a question of faith and dutyThese are not temporal commandments (D&C 29:35)There is no separation between the temporal and spiritual

43##Education Week 2013Live it (continued)2. Catch the visionA. Of who you areYou are a child of God with great potential (Gal. 3:26).No doctrine is more basic, no doctrine embraces a greater incentive to personal righteousness . . . as does the wondrous concept that man can be as his Maker (Bruce R. McConkie, The Promised Messiah: The First Coming of Christ(Salt Lake City: Deseret Book, 1978), 133).44##Education Week 2013Live it (continued)B. Of what you wantDo you know what you want?Have you written down your goals?What does God want you to do or be?What is you mission for why you are here on earth?What does your patriarchal blessing say?

##Education Week 2013Live it (continued)C. Of what you can doWith increased vision comes increased motivation (Ted R. Callister, The Power in the Priesthood in the Boy, Ensign, May 2013).Once a person is determined to help themselves, there is nothing that can stop them (Nelson Mandela).##Education Week 2013Live it (continued)3. Decide to decideMake the decisions now and commit to them!Decide now what you will and will not do, and be done with decision once and for allFollow a prophet who said to decide to decideSeek the Lords help in making these decisionsThere is no one who loves you moreCommit and follow throughCommitthyway unto the Lord; trust also in him; and he shall bring it to pass (Psalms 37:5)47##Education Week 2013Live it (continued)President Spencer W. Kimball said:We hope we can help our young men and young women to realize, even sooner than they do now, that they need to make certain decisions only once. . . . We can push some things away from us once and have done with them! We can make a single decision about certain things that we will incorporate in our lives and then make them ourswithout having to brood and re-decide a hundred times what it is we will do and what we will not do. . . . My young brothers [and sisters], if you have not done so yet, decide to decide! (Spencer W. Kimball, Boys Need Heroes Close By, Ensign, May 1976, 45).

##Education Week 2013Live it (continued)4. Do it willingly (because we have to)The prophet Joseph Smith, on his way to Carthage, knew that he would not return. I am going like a lamb to the slaughter, but I am calm as a summers morning; I have a conscience void of offense towards God, and towards all men. ... And it shall yet be said of mehe was murdered in cold blood (D&C 135:4).He brought his will in subjection to the will of Heavenly Father##Education Week 2013Live It (continued)Isnt that a purpose of life, to bring our wills in line with the will of the Father?We will either bend the knee willingly of our own free will and choice, or we will be compelled to do it when He comes again (Mosiah 27:31)Either way, we will come to recognize ChristHow much better it is to do these things willingly because we have faith in Christ and are seeking to obey His commandments##Education Week 2013Live it (continued)5. Share your goalsLet others know what you are doingEmbarrassment sometimes is more powerful than guilt in motivating us to accomplish moreShare your goals with family and friendsLet them know of your successes and failuresAs we let others know what we desire to accomplish, they can help us to accomplish our goals

##Education Week 2013F. Blessings of Living the GospelAs we do the things we have been commanded, the Lord has given wonderful promises:The Lord will stand by you (D&C 68:6)None shall stay you (D&C 1:5)The Savior will go with you and be in your midst (D&C 49:27)Nothing shall prevail against you (D&C 32:3)Power shall rest upon you (D&C 39:21)He will uphold you (D&C 93:51)You shall have greater treasures that the treasures of the earth (D&C 19:37-38)He will take care of your flocks (D&C 88:72)52##Education Week 2013Blessings (continued)Other blessings:He will send you the Comforter (D&C 79:2)He will go before your face. He will be on your right hand and on your left (D&C 84:88)His angels will be round about you (D&C 84:88)You shall have great faith (D&C 39:12)You will be able to keep Gods laws (D&C 44:5)You shall have revelations ((D&C 28:8)Your sins will be forgiven 31:5, 36:1, 60:7, 62:3)You shall have eternal life (D&C 14:7)You shall be made truly rich--he that hath eternal life is rich (D&C 11:7)

53##Education Week 2013Personal Finance is simply living the gospel of Jesus ChristIt is like learning charity, attending church, serving others, or doing missionary work. Leaders and parents should be learning, doing, and teaching the whys, whats, and hows of personal finance to their ward members and families, the doctrines, principles and application

Conclusions54#Education Week 2013Conclusions (continued)Why does God want us to learn personal finance? It is important that we understand why (the doctrines)The key is to take different perspectives to answer this critical why question1. Spiritual: To bring us to Christ2. Temporal: To help us become wiser stewards3. Family: To help us return with our families to Heavenly Fathers presence4. Individual: To help us accomplish our divine missions for which we each were sent here to earth55##Education Week 2013Conclusions (continued)There are four what or principles on which our perspective is based:1. Ownership: Everything is the Lords2. Stewardship: We are stewards over all the Lord has, is, or will bless us with3. Agency: The right to choose is one of Gods greatest gifts to man4. Accountability: While we are free to make our choices, we will be held accountable for those choices and should choose wisely56##Education Week 2013Conclusions (continued)There are 8 different hows that we should emphasize, the application. They are:1. Communicate2. Pay the Lord first3. Manage your money and use a budget4. Pay off and get out of consumer and mortgage debt5. Prepare for emergencies and build a reserve6. Save for long-term goals7. Protect yourself and your family through adequate insurance8. Teach your children and family

57##Education Week 2013Conclusions (continued)Our responsibility first is to learn about personal financeThere are a number of very good resources to help bishops, individuals and familiesThe LDS Provident Living websiteThe Marriott School Personal Finance website58##Education Week 2013Conclusions (continued)Our responsibility then is to live itWe shared some ideas to help you get motivated to follow the doctrines, principles, and applications of personal finance1. Understand doctrine2. Increase your vision3. Decide to decide4. Do it willingly5. Share your goalsFinally, we shared the promised blessings. They are numerous and are only accessed through obedience to the commandments of the Jesus Christ59##Education Week 2013Conclusions (continued)Although times are tough, a prophet has said:I testify to you that our promised blessings are beyond measure. Though the storm clouds may gather, though the rains may pour down upon us, our knowledge of the gospel and our love of our Heavenly Father and of our Savior will comfort and sustain us and bring joy to our hearts as we walk uprightly and keep the commandments. There will be nothing in this world that can defeat us. My beloved brothers and sisters, fear not. Be of good cheer. The future is as bright as your faith (italics added, Thomas S. Monson, Be of Good Cheer, Ensign, May 2009, 92).60

##Education Week 2013